LA’s Richest Man Emerges As Possible Bidder For AEG

LOS ANGELES, CA - MARCH 22: Chairman and CEO of Magic Johnson Enterprises Earvin "Magic" Johnson (R) greets CEO of Abraxis Health Institute Patrick Soon-Shiongs during a Urban Economic Forum co-hosted by White House Business Council and U.S. Small Business Administration at Loyola Marymount University on March 22, 2012 in Los Angeles, California. Topics discussed at the forum included the Obama administration's support for policies that create private sector-jobs and future entrepreneurs. (Photo by Kevork Djansezian/Getty Images)Dr. Patrick Soon-Shiong with Earvin "Magic" Johnson. (credit: Kevork Djansezian/Getty Images)

LOS ANGELES (CBSLA.com) — The man believed to be the richest in Los Angeles emerged Wednesday as a possible bidder for the AEG, which owns the Staples Center, the L.A. Live complex and the world’s second-largest concert-promotion business.

News emerged late Tuesday that the entertainment giant, run by Denver billionaire Philip Anschutz, was put up for sale. Not even 24 hours later, 59-year-old Patrick Soon-Shiong – a doctor, biotech investor and philanthropist with a minority stake share in the Lakers – was soon being discussed as a potential bidder.

Forbes has estimated Soon-Shiong’s net worth at $7.2 billion, making him the richest man in Los Angeles.

“Dr. Patrick Soon-Shiong is keenly aware that AEG is in play,” his representative, Chuck Kenworthy, said in a statement quoted by the Los Angeles Times.

Soon-Shiong recently tried to buy a part of the Dodgers.

Another bidder for AEG could include Madison Square Garden Co., which own the New York sports arena and the Knicks basketball team, according to the Times. Madison Square Garden Co. recently paid $23.5 million to buy the Forum in Inglewood, which is undergoing a $50 million renovation.

Besides AEG’s downtown Los Angeles properties, the company has a stake in the Lakers, the Galaxy, the Sparks and the Kings, the defending Stanley Cup Champions. The company also owns the Home Depot Center and is behind the plans to build a professional football stadium in downtown Los Angeles, which company officials say won’t be affected by a sale.